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Thanks guys for your comments. I think the best time to do this is 2-3 weeks before the next PR update however no body except Google knows about its schedule.

Kinda pointless to do since not only don't we know when the update will happen and we don't know how old the data is they are showing in the toolbar. It could take 6 months or more for the redirect to be reflected in the toolbar PR. Plus toolbar PR is meaningless. Once they acknowledge the redirect the PR will be transfered and factored into the new pages. You just won't be able to see it in the toolbar.

Originally Posted by viv5

BTW I am not sure why other search engines like Yahoo, MSN etc. have not introduced their own PR system. I guess they should also start ranking web pages.

The odds are they have their own version of PageRank. They just don't advertise it.